19 Aug 2015
USD/CAD: Consolidation continues - TDS
FXStreet (Mumbai) - Ned Rumpeltin, European Head of Currency Strategy at TD Securities outlines the technical outlook on USD/CAD and GBP/CAD ahead of today’s risk events from the US.
Key Quotes:
“USDCAD remains quiet and range-bound as we await today’s risk events from the US, but Friday’s Canadian CPI and retail sales reports will be the key driver for funds into next week, when the local calendar is similarly quiet.”
“Spot remains defined by the 1.2950/1.3150 range as a potential break higher earlier this week has run out of steam amid a general lack of market catalysts.”
“We remain biased in that direction, however, as it looks like we have found decent support in the 1.3015/25 zone.”
“We expect the uptrend to resume with a new push above 1.3213 in coming days as the macroeconomic divergence between the US and Canada widens.”
“Similarly, we favor further gains in GBPCAD as the UK also moves toward higher rates in the months ahead.”
Key Quotes:
“USDCAD remains quiet and range-bound as we await today’s risk events from the US, but Friday’s Canadian CPI and retail sales reports will be the key driver for funds into next week, when the local calendar is similarly quiet.”
“Spot remains defined by the 1.2950/1.3150 range as a potential break higher earlier this week has run out of steam amid a general lack of market catalysts.”
“We remain biased in that direction, however, as it looks like we have found decent support in the 1.3015/25 zone.”
“We expect the uptrend to resume with a new push above 1.3213 in coming days as the macroeconomic divergence between the US and Canada widens.”
“Similarly, we favor further gains in GBPCAD as the UK also moves toward higher rates in the months ahead.”